Sumitomo Chemical Co (JP:4005) has released an update.
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Aramco is set to acquire an additional 22.5% stake in Petro Rabigh from Sumitomo Chemical, increasing its share to 60% and making it the majority shareholder. The deal, valued at $702 million, is part of a broader financial strategy to bolster Petro Rabigh’s finances, including a total capital injection of $1.4 billion from both companies and a $1.5 billion debt reduction. This move aligns with Aramco’s downstream expansion goals and Sumitomo Chemical’s shift towards specialty chemicals.
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